- 13 April 2021
- Transport / Logistics Services
US same-day delivery marketplace startup Swyft has raised US $17.5m in Series A funding.
The online marketplace connects same-day carriers with vendors. It also supplies software to carriers to improve their efficiency and connects them to other carriers to help smaller carriers scale their business. Regional carriers can work together on deliveries without expanding their fleets or infrastructure.
In networking the smaller regional carriers together, so those carriers can compete with major players like UPS and Amazon. The same applies to the vendors who are effectively a ‘decentralised Amazon’ and while competing with one another also have the scale to compete with the online mega-companies.
The funding round was led by Inovia Capital and Forerunner Ventures with support from Shopify, Golden Ventures and Trucks VC.
Set up by co-founders Aadil Kazmi (CEO), Zeeshan Hamid (head of Engineering) and Maraz Rahman (head of Sales). Kazmi and Hamid both spent their careers at Amazon, working on data and last-mile operations for the online giant.
According to Kazmi, Swyft is able to come in anywhere between 25-30% cheaper than the current options available to vendors and carriers. “I don’t know what percent of your purchases are from Amazon, but for me it’s like 150%,” said Eurie Kim. “I’d prefer to buy elsewhere with the pandemic, and support local and independent brands, but Amazon’s trained us all to have fast and free shipping. It feels like an opportunity where the consumer experience is really lacking and the burden on merchants and retailers is extremely heavy.”